本研究旨在探討外國直接投資對廠商生產力之影響效果，運用台灣經濟新報資料庫中2003年至2012年之上市櫃製造業廠商資料進行實證分析。過去的研究文獻中發現，外國直接投資進入後會同時引入先進的技術與知識，因而對廠商有正面的生產力效果。本研究採用最小平方法(OLS)，以外資持股比例做為外國直接投資變數對廠商生產力進行迴歸分析，以驗證外國直接投資對廠商生產力有正向影響效果。

根據實證結果，本研究驗證外國直接投資對廠商生產力有著正向顯著的影響效果。本研究也透過虛擬變數區分外國廠商與本國廠商，得到外國廠商之生產力水準顯著高於本國廠商的結果。進一步本研究探討外國直接投資與研究發展投資的交互作用，發現外資進入會讓廠商進行研究發展的效果提升。最後結合廠商特質的分析中，發現大型廠商與廠齡較低的廠商接受外國直接投資的效果較大。

This study aims to discuss the effect of foreign direct investment on firm productivity. Based on past studies, when firms received foreign direct investment, it accompanied new technology and knowledge, so raised firm's productivity.Using data on the public listed manufacturing companies in Taiwan, analysis by ordinary least squares regression model, we attempts to verify the positive effect of foreign direct investment on productivity.

Based on our empirical result, we verify that foreign direct investment do have significantly positive effect on firm productivity. The results also show that foreign firms perform better than domestic firms, and no difference between firms which foreign ownership is majority or minority. Furthermore, we connected foreign direct investment to research & development investment, and find out firms have higher positive effect of R&D when they received foreign direct investment. Finally, we consider the interaction terms between firm characteristics and foreign direct investment, concluded that only large firms show significantly positive effect of foreign direct investment, and younger firms have higher effect.

一、研究背景與目標 1
二、文獻回顧 3
三、研究架構 7
1. 生產力估計 7
2. 外國直接投資與生產力影響效果分析 9
四、資料敘述 20
五、研究結果 24
1. 外資持股比例與生產力 24
2. 外國廠商與本國廠商 30
3. 外國廠商與研究發展 35
4. 外國直接投資與廠商特質 44
4.1 廠商規模 44
4.2 廠商年齡 47
六、結論 51
參考文獻 53

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